HSBC suspends wealth management in three MENA countries

“Existing Wealth customers will continue to receive basic services and their wealth investments will be maintained until maturity."

A HSBC spokesperson said, "HSBC’s global strategy for retail banking and wealth management[2] is to offer and grow the wealth business in markets where we can achieve scale. Consistent with this strategy, after detailed review of our MENA business, we will discontinue sales of any new Wealth Investment or Wealth Insurance products in Lebanon, Jordan and Bahrain from 07 October 2013.

“Existing Wealth customers will continue to receive basic services and their wealth investments will be maintained until maturity. Staff have not been made redundant as a result of this decision. Premier customers remain a strategic priority and Premier Relationship Managers will remain a key part of our business in Lebanon, Jordan and Bahrain, providing Premier services and non-wealth saving, borrowing and international banking solutions to our existing Premier customers."